Hong Kong’s banking regulator is reportedly pressuring banks including HSBC, Standard Chartered and Bank of China to work with cryptocurrency clients.
At a meeting last month, the Hong Kong Monetary Authority (HKMA) asked why the banks were not accepting cryptocurrency exchanges as customers, the Financial Times reported, citing people familiar with the matter.
The HKMA told the banks that conducting due diligence on such potential clients should not "create an undue burden", especially "those businesses that have set up offices in Hong Kong to pursue opportunities".
While banks have not banned cryptocurrency customers, they may be reluctant to accept exchanges that could face prosecution if exchanges are used for illicit purposes.
"The HKMA is encouraging banks not to be afraid," the Financial Times report quoted a person familiar with the discussions as saying.
At a meeting last month, the Hong Kong Monetary Authority (HKMA) asked why the banks were not accepting cryptocurrency exchanges as customers, the Financial Times reported, citing people familiar with the matter.
The HKMA told the banks that conducting due diligence on such potential clients should not "create an undue burden", especially "those businesses that have set up offices in Hong Kong to pursue opportunities".
While banks have not banned cryptocurrency customers, they may be reluctant to accept exchanges that could face prosecution if exchanges are used for illicit purposes.
"The HKMA is encouraging banks not to be afraid," the Financial Times report quoted a person familiar with the discussions as saying.